STUBHUB IPO: S1 BREAKDOWN

Summary from the TLDR Founders newsletter

StubHub's IPO filing shows a healthy ticket marketplace making $1.77B in revenue (up 29%) with strong profits. The company takes a solid 20% cut of its $8.7B in ticket sales while generating 14% free cash flow. The business works because people need tickets to events they don't want to miss and are willing to pay premium fees. With 30 million buyers spending about $250 per order, StubHub is looking at an $8-10B valuation as it heads to the public market.